Blockchain in Healthcare: reality and perspectives

At the beginning of 2016, Philips launched Blockchain Lab. It is an open-source environment for interested specialists to work together on cryptographic technology in healthcare. It is also a part of Gem Health network that works on the blockchain improvements. In addition, the Department of Health and Human Services and the Office of the National Coordinator of Health IT have established a contest to promote blockchain usage in healthcare. Deloitte Consulting LLP team won it, by the way. The main reason for such initiatives is the fact that blockchain technology copes with such healthcare problems as interoperability failures and security issues.

Peter Nichol, a healthcare expert for PA Consulting Group, sees one of the most obvious benefits of blockchain usage in its ability to keep track of any data manipulations. In his ONC report, Nichol considers another blockchain goal to reduce frauds in healthcare that have reached nearly $30bn for the last two decades. It is possible due to a complete audit trail of transactions.

HealthNautica, cloud health record service, and Factom, blockchain vendor, collaboration is a great example of investments into the sphere. Factom will check and time-stamp health records and references to the HealthNautica’s physicians with the help of blockchain technology. Paul Snow, Factom founder, claims that blockchain is the very technology that can support “lifetime medical history”, from the childhood to old ages. This will lead to the decreased number of medical errors and to the healthcare service improved.

On the other hand, blockchain technology is not expected to develop fast, as it is with EHR/EMR systems, for example. Many believe, though, that it will substantially improve healthcare sphere.